Self Employed using Bank Statements

Extended Guidelines

This loan is a portfolio product that is for a self-employed borrower who needs to qualify only one year of taxes. The buyer must be self employed for 2 years; however income will be based on the most recent year only.

Credit score: 680 minimum
Property type: 1-4 Units, PUDS, Condos *
Occupancy: Primary residence
Down Payment: 20%
Loan to Value: 80%             CLTV: 85%
Gift Funds Not allowed
Closing cost: Seller and/or lender can pay up to 6%
Debt Ratio: 43%


Additional Notes:

  • One borrowers must be self-employed and may have a W-2 Coborrower
  • Self-employed borrowers are qualified using bank statements for the most recent 12 months
  • Loan amounts up to $3 million
  • 50% of business funds may be used for reserves
  • Additional financed properties required 6 months reserves
  • Bankruptcy 4 yrs, Shortsale 4 yrs, Foreclosure 7 yrs
  • A minimum of 5 open credit lines are necessary
  • Impounds are required

This page contains program highlights only. See sidebar links for further information and details.

All program are subject to change at anytime without any further notice